If you are thinking about taking home then you have good news. After the Housing Development Finance Corporation (HDFC), SBI and Kotak Mahindra Bank, now the private sector ICICI Bank (ICICI Bank) has reduced interest on home loans. ICICI Bank announced today (5 March) to reduce the interest rates of its home loan. The bank has reduced the home loan interest rate to 6.70%. That is, ICICI Bank will now provide home loans at an interest rate of 6.70 percent. The bank’s new rates have come into effect from 5 March 2021. Explain that earlier, SBI had announced a home loan at 6.70 percent.
This cheapest home loan in 10 years
According to the bank’s statement, ICICI Bank has the cheapest home loan rate in the last 10 years. Under this, customers of the bank can now take loans up to Rs 75 lakh. For loans above Rs 75 lakh, the customer will have to pay 6.75 percent interest. This revised home loan interest rate is available till 31 March 2021.
The bank said that those homebuyers who are not customers of the bank, can apply for a home loan through the bank’s website and mobile banking platform ‘iMobile Pay’. They can contact their nearest ICICI Bank branch. Explain that digital services of the bank are also available for this. They can also get instant approval of their loan digitally.
Loan will be approved immediately by sitting at home
ICICI Bank head of security assets Ravi Narayanan said that in the last few months, the demand for customers has increased. In view of this, we have announced a relief for our customers who want to buy a house. We believe that given the low interest, this is the best time for a person to buy their dream home. He said that we are providing the facility of fully digital home loan process for any bank’s customers, including the approval of instant home loans.
These banks are also offering home loans at low interest rate –
SBI home loan details ..
>> SBI also cut interest rates on 1 March.
>> SBI has announced to waive 100% processing fees by 31 March. That is, you will save about 1% more on your total loan. Processing fees typically range between 0.8% to 1%.
>> SBI is charging 6.70 percent interest for loans up to 75 lakhs.
>> 6.75 percent interest will have to be paid for more than 75 lakhs.
>> It will get priority over good CIBIL score.
Kotak home loan details ..
>> The lowest home loan rate in this bank is 6.65 percent per annum. This interest rate will be applicable for salaries and non-salaried people. It is one of the most attractive home loans in its segment.
>> To get a home loan from this bank, the processing of the home loan through Kotak Digi Home Loans will be very quick.
>> Home loan interest rates were cut by Kotak Bank when the country’s largest bank i.e. SBI also announced a reduction in home loan interest rates. Home loan rates in SBI have now come to 6.70 per cent.
>> Home loan rates are already at the lowest level in the past 15 years due to competition between banks and RBI keeping policy interest rates low. Banks are now reducing interest rates to deal with low credit demand in the market.
>> Kotak Mahindra Bank said that the interest rates will be linked to the credit score and loan to value ie LTV ratio of the borrower.
>> The bank also said that this rate of 6.65 percent will be applicable on home loans and balance transfer loans.
HDFC Home Loan Details ..
>> HDFC has reduced the interest rate on home loans by 5 basis points. The existing loan holders will also get the benefit of the deduction.
>> The reduction in the interest rate will be implemented from 4 March.
>> Earlier, State Bank had cut the interest rate. His interest rate minimum has reached 6.70 percent.
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